As a general rule, your first quarter needs analysis starts with revenue. The team must be aware of revenue opportunities and how to purse these opportunities.
The first quarter is time to determine that your company is tracking the way that you want it to, in order that you may capitalize on your business opportunities.
YOUR KEY QUESTIONS MUST BE:
- Are you getting the revenue that you desire?
- Is your gross profit dollars at a level that allows you to be successful?
- Have you analyzed your Sales, General and Administrative (SGA) to insure that costs are in line?
- Do you know that all your employees are actively engaged in improving the business operations?
- Are you allocating enough attention to future business opportunities?
Conducting a dealer’s need analysis can help you find where you need to direct your attention and the attention of your employees. As a general rule, it starts with revenue. The team must be aware of revenue opportunities and how to purse these opportunities. Once these opportunities have been identified you must make sure that the jobs and projects are completed in a profitable fashion. This insures that you are getting the proper gross profit dollars and your operations are functioning at an optimal level. Involving the employees in analyzing the operations keeps them actively engaged. This in turn allows you to diver your attention as a leader to future growth opportunities.
NOTE: This should amount to 20% of your time.
This quick check allows you to examine your business, make the necessary corrections, and constantly plan for the future. This allows you to more effectively operate on the business instead of in the business.
Mike Moore is the HVAC Training Director at HVAC Learning Solutions, an HVAC industry expert in sales, technical, and business training. Visit Mike’s blog for more insights. Mike can be reached on Twitter @hvaclearning or on Google+ at gplus.to/hvactraining.